Carl Icahn

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As Madoff Airs On TV, Two Anonymous Whistleblowers Are Pounding On The SEC's Door Again





Investment expert, Harry Markopolos, wrote detailed letters to the SEC for years, raising red flags that Bernie Madoff was running a Ponzi scheme – only to be ignored by the SEC as Madoff fleeced more and more victims out of their life savings. Today, there are two equally erudite scribes who have jointly been flooding the SEC with explosive evidence that some Exchange Traded Funds (ETFs) that trade on U.S. stock exchanges and are sold to a gullible public, may be little more than toxic waste dumped there by Wall Street firms eager to rid themselves of illiquid securities.

 
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Frontrunning: February 2





  • Punxsutawney Phil Does Not see shadow, signifying an early spring (CBS)
  • Front-Runners Give Ground as Rivals Make Mark in Iowa (WSJ)
  • Republican Cruz bests Trump in Iowa race, Clinton edges out Sanders (Reuters)
  • Iowa Narrows the Field (BBG)
  • Global stocks snap winning streak as oil pressure returns (Reuters)
  • ‘Dark Pool’ Settlements Bring Tangled Relationships to Light (WSJ)
 
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Frontrunning: January 29





  • World shares heat up as Bank of Japan goes sub-zero (Reuters)
  • Stocks Rally With Bonds as BOJ Ends Grim January on High Note (BBG)
  • Japan Follows Europe Into Negative Interest Rate Territory (WSJ)
  • Decision On Oil Cut Only Possible If All Exporters Agree, Russian Energy Minister Says (BBG)
  • Trump overshadows Republican debate even as he sits it out (Reuters)
  • Trump skips debate, wins on social media (Reuters)
 
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Global Stocks, Bonds Jump On BOJ NIRP Stunner; Rally Fizzles After Crude Fades Gains





It is safe to say that nobody expected the BOJ stunner announced last night, when Kuroda announced that Japan would become the latest country to unleash negative interest rates, for one simple reason: Kuroda himself said Japan would not adopt negative rates just one week ago! However, a few BIS conference calls since then clearly changed the Japanese central banker's mind and as we wrote, and as those who are just waking up are shocked to learn, negative rates are now a reality in Japan. The immediate reaction was to send the USDJPY surging by nearly 200 pips, back to levels seen... well, about a month ago.

 
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Trump Will Force Apple "To Build Its Damn Computers And Things" In America





As we come up on the Iowa caucus, voters want to know how the candidates plan to turn campaign trail word into political deed and Trump has some ideas on how to reinvigorate America's dying manufacturing sector. For one thing, Trump thinks, we should shutdown Foxconn and get to making iPhones in the Rust Belt.

 
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World's Largest Miner Books Massive $7.2 Billion Writedown On US Shale "Assets"





“Yeah well, considering you’ve got a book value of $20 billion and you haven’t reported an operating EBIT gain in the last two years, I think they’ve been lucky to get away with such a modest amount. I think they’ll be having the same discussions with their auditors in July."

 
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Frontrunning: December 31





  • Oil ends 2015 in downbeat mood; hangover to be long, painful (Reuters)
  • Recession, retrenchment, revolution? Impact of low crude prices on oil powers (Guardian)
  • Midwest Flooding Might Make the Oil Glut Worse (BBG)
  • From Oil Glut to Shortage? Some Say It Could Happen (WSJ)
  • Ten Years After Blowup, Amaranth Investors Waiting to Get Money Back (WSJ)
  • China Fires a Warning Shot at Yuan Speculators With Bank Bans (BBG)
 
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Frontrunning: December 30





  • Oil rebound fizzles, sending global shares lower (Reuters)
  • Saudi Arabia Won’t Change Oil Production (WSJ)
  • China suspends forex business for some foreign banks (Reuters)
  • Republicans come up short in search for diverse voters in 2016 election (Reuters)
  • Oil Prices Become a Problem for U.S. Steelmakers (BBG)
  • Oil-Producing States Battered as Tax-Gushing Wells Are Shut Down (BBG)
 
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With Stock At 15-Year Low, Freeport Co-Founder Walks Away With $80 Million Golden Parachute





"On one occasion, he told shareholders worried about the prospects of a gas well that they needed only to 'Trust Jim Bob'"...

 
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"2016 Will Be No Fun" - Doug Kass Unveils 15 Surprises For The Year Ahead





My overriding theme and the central drama for the coming year is that unexpected events can take on greater importance as the Federal Reserve ends its near-decade-long Zero Interest Rate Policy. Consensus premises and forecasts will likely fall flat, in a rather spectacular manner. The low-conviction and directionless market that we saw in 2015 could become a no-conviction and very-much-directed market (i.e. one that's directed lower) in 2016. There will be no peace on earth in 2016, and our markets could lose a cushion of protection as valuations contract. (Just as "malinvestment" represented a key theme this year, we expect a compression of price-to-earnings ratios to serve as a big market driver in 2016.) In other words, we don't think 2016 will be fun.

 
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Frontrunning: December 29





  • The World's Richest People Got Poorer This Year (BBG)
  • Oil hovers near 11-year lows on abundant supply, slowing demand (Reuters)
  • Oil-Producing States Battered as Tax-Gushing Wells Are Shut Down (BBG)
  • A Bold Few Traders Earn Billions Flouting Rivals (WSJ)
  • Islamic State ruling aims to settle who can have sex with female slaves (Reuters)
  • Winter Storm Snarls Republican Presidential Traffic (BBG)
  • Donald Trump Urges Supporters to the Polls (BBG)
 
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Futures Surge, Oil Rebounds As Fed Starts Historic Two-Day "Rate Hike" Meeting





The start of the Fed's most eagerly awaited two-day policy meeting in years has finally arrived with the market expecting Yellen to announce the first 25 bps rate hike in 9 years tomorrow with nearly 80% probability, and so far US equity futures are enjoying a last minute relief rally, while emerging market stocks rose for the first day in ten after the longest losing run since June. Europe's Stoxx 600 Index has also rebounded from a five-day losing streak, the worst in over four months.

 
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